DivcoWest buying Beverly Hills office campus for $236M: sources

United Talent Agency and Live Nation are both headquartered at the 3-building complex

Nov.November 27, 2018 09:00 AM
Uta Plaza and Stuart Shiff (Credit: The Location Portal)

DivcoWest Real Estate Investments is under contract to purchase the Beverly Hills office complex UTA Plaza and The Ice House for about $236 million, The Real Deal has learned. United Talent Agency and entertainment giant Live Nation are both headquartered at the three-building campus.

The seller is Rockefeller Group, the New York-based real estate firm owned by Mitsubishi Estate. Rockefeller acquired the 236,000-square-foot complex for $212 million from Tishman Speyer in 2014. DivcoWest’s purchase would work out to about $1,000 per square foot.

UTA Plaza consists of three four-story buildings at 9336, 9346 and 9348 Civic Center Drive. It sits on a 3.4-acre campus a few blocks from Rodeo Drive and Beverly Hills City Hall. Originally built as an ice and cold storage plant, the Ice House was converted to offices in the 1990s.

United Talent Agency, which represents stars like Angelina Jolie and Wes Anderson, took over Playboy Enterprises’ lease at the complex earlier this year. It expanded its occupancy to approximately 191,000 square feet spread across two buildings.

Live Nation, which occupies one building and about 45,000 square feet, has been headquartered there since 2006.

A representative for DivcoWest declined to comment. A Rockefeller spokesperson did not return a call for comment.

The purchase would increase DivcoWest’s investment in the Beverly Hills market to nearly $320 million in 2018. In June, the San Francisco-based firm paid $83 million to acquire a 90,000-square-foot building at 331 North Maple Drive. RREEF America, the asset management wing of Deutsche Bank, sold that property. San Francisco-based DivcoWest, led by CEO Stuart Shiff, owns several properties around Los Angeles, including the Glendale Plaza.

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